The Hon. (Mrs.) Geetha Herath, Attorney-at-Law

¶ 01 Hon. Presiding Member, thank you for the opportunity. I wish to speak on the Institute of Real Estate Professionals, Sri Lanka Bill. Our country has many professional bodies. This Bill aims to establish a professional institute for Sri Lanka’s real estate professionals. It is not to disadvantage any profession. Since 1972, the University of Sri Jayewardenepura has conducted a degree programme in real estate management and valuation, focusing on property management, development and valuation to serve industry needs.

¶ 02 In 2008, an Institute of Real Estate and Valuation was incorporated under the Companies Act, and there is also the Institute of Valuers of Sri Lanka. Due to inadequate regulation between these two bodies, conflicts arose and reached court. Therefore, we present this Bill to create a proper regulatory framework.

¶ 03 By establishing the Institute of Real Estate Professionals to regulate professional recognition in real estate and valuation, we expect higher professional standards, ethics and effective property management. Valuers price according to market dynamics, while real estate professionals take a broader 10–15-year view—economic, investment and development perspectives—so that property contributes to the economy.

¶ 04 This sector is a key driver of growth, contributes to GDP through construction, housing and property investments, and creates jobs. With increasing urbanization, we can leverage their proactive role to attract domestic and foreign investment.

¶ 05 Without a proper legal framework, there has been opacity, unregulated operations, and opportunities for financial irregularities and money laundering. The Financial Intelligence Unit has flagged such risks. This Bill seeks to establish regulation and a legal framework to address those problems, enhance investor confidence, develop data infrastructure, and achieve social-economic gains through recognition and welfare of professionals.

¶ 06 Also before the House is the Licensing of Container Depot Operators Bill, to regulate container depot service providers.

¶ 07 The third is the (Amendment) Bill to license shipping agents, freight forwarders, non-vessel operating common carriers and container operators. A formal regulatory system is necessary for fast economic growth, as our Government works to rebuild a once-collapsed country. In 2025, we took decisive steps to meet public expectations—stabilizing the economy, enforcing the rule of law, maintaining discipline, strengthening SOEs and transparency. While presenting the 2026 Budget, Cyclone “Michaung” struck; we managed the disaster and have allocated Rs. 500 billion via a supplementary estimate for recovery and long-term infrastructure. Work is underway.

¶ 08 This 10th Parliament has the highest women’s representation—22 women MPs, including the Prime Minister; 20 from the Government side. Sadly, some in the Opposition engage in verbal and online harassment of women, setting bad precedents that also affect women outside Parliament. We must prevent this.

¶ 09 Finally, the Opposition has little to criticize in our programme, so they attack through social media. We celebrated Independence yesterday. From that strength, we will move forward with solid development. I conclude. Thank you.